US crude oil production in January 2024 was reported at 12.533 million barrels per day (mbpd), slightly lower than the forecasted 12.624 mbpd. Different methodologies show variations in the production figures, with one estimating around 12.833 mbpd. Despite OPEC+ production cuts, post-Covid US production has rebounded, setting new export records to Europe and Asia since 2022. US oil suppliers have increased exports, challenging OPEC's market dominance.
US oil production to average 13.2 Mbd this year 2023 saw #US #oil production soar to 12.9 Mbd, up 1 Mbd YoY with a 30% cost cut, boosting exports to 4 Mbd mainly to Europe and Asia. 2024's growth slows, projecting a 13.2 Mbd average, a 330 kbd increase. #kpler https://t.co/PVuFCDPQuU
US oil suppliers have muscled their way into markets once dominated by OPEC and its allies, setting five new monthly records for exports since Western nations began imposing sanctions on Russia in 2022. Anthony DiPaola reports https://t.co/IMPzK5Gj0X https://t.co/AZMAzHV0mx
One of the reasons OPEC+ has been cutting back production is that post-Covid US production has recovered to make locals highs and our exports have set 5 new monthly records since 2022. We are sending more oil to Europe and Asia than ever before after Russian sanctions... $USO… https://t.co/7AOIC30m2G
Our US oil production methodology showed ~12.833 million b/d for US oil production in January 2024. EIA reported 12.49 million b/d (production + adjustment). After the ridiculous December 2023 reading, we said that January production would surprise to the downside. Look! https://t.co/tYseA2U2dx
US crude production: January production at 12.533mbpd was lower than the forecast in the EIA STEO report of 12.624mbpd #oott https://t.co/zgGCP42MjD